Mentorship RE-Volution Training Video Review

$40,000 Fix & Flip Profit AFTER Meeting Phill Grove

$40,000 Fix & Flip Profit AFTER Meeting Phill Grove August 6, 2009Leave a comment

Video Transcript:

Leslie: Hi, I’m Leslie!

Jarod: And hi, I’m Jarod and we bought this house about one month ago. We started work and we’re probably about three or four days from finishing the project. So we bought this house in the North Austin market. It’s a market that we’ve really chosen to focus on and get to know intimately so that when there’s a house that’s vacant or distressed or whatnot, we can be one of the first ones to find it and that’s what happened with this house. It had been abandoned for a few years and no one had touched it. We found the house just by driving the market. We were looking for distressed or abandoned in this area and this was one of the prime candidates that we came across. Once we saw the house, we decided to contact the owner and see if he’d be interested in selling. The owners owned the home free and clear so we had a little bit more flexibility in how we financed it and the houses in the area probably sell from maybe $140,000 upward to $160,000 depending on their finishes and exact location. So we bought the house from the owner for $85,000, 100 percent owner financed at an interest rate of 8 percent interest only payments for a year. The business plan is to renovate and flip the house and we’re spending about $25,000 on renovations. We plan to list it in the mid 160s. We took Phill and Shenoah’s RE-Volution class in March and liked it so much that we decided to sign up with Phill and Shenoah to do their mentoring program, so we’ve been working with them for about three months now and we have another house that we partnered with them on in South Austin and so we’ve been working with them for about three months and hoping to do some more stuff with them.

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